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Economic governance review: Euro area dimension of the macroeconomic imbalances procedure
As part of the economic governance review, ministers reflected on the euro-area dimension of the macroeconomic imbalances procedure. A secretariat issues note framed the discussion.
Eurogroup recognises that macro-economic imbalances are of particular importance to the euro area and that the Macroeconomic Imbalances Procedure has supported their unwinding. It was particularly successful to reduce current account deficits but admittedly less effective to reduce high surpluses.
Paschal Donohoe, President of the Eurogroup
Digital euro project
The European Central Bank and the European Commission updated the Eurogroup on the digital euro. The ECB presented the state of play as to the use cases of a digital euro. The Eurogroup then issued a statement in support of the work carried out by the Eurosystem and the Commission on a digital euro. This investigative work needs to build on careful and thorough analysis and will benefit from Eurogroup members’ views during the process.
The Eurogroup welcomed the early repayments by Greece of the Greek Loan Facility (GLF) and International Monetary Fund (IMF) loans and issued a statement, stressing the positive impact that the early repayments will have on Greece’s public finances and the signal of confidence to financial markets.
This is a very positive sign for Greece, reflecting the strong economic recovery from the pandemic and the successful implementation of reform commitments, even in those challenging times. We have adopted a statement today, welcoming this positive development.
Paschal Donohoe, President of the Eurogroup
Eurogroup recognises that macro-economic imbalances are of particular importance to the euro area and that the Macroeconomic Imbalances Procedure has supported their unwinding. It was particularly successful to reduce current account deficits but admittedly less effective to reduce high surpluses.
